Newmark Capital Markets has announced the $92.5 million sale of 1640 Sepulveda, a recently renovated five-story 164,682-square-foot creative office building located in the Westwood submarket of Los Angeles.
Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, Senior Managing Directors Michael Moll and Laura Stumm and Senior Associate Guillermo Boisson represented the seller, a venture led by Ocean West Capital Partners. With their new partner, Ocean West Capital Partners will remain invested in the property and continue to manage the asset.
1640 Sepulveda was built in 1987 and underwent an $8.3 million repositioning and modernization program that was completed in 2018. The program included an exterior building and lobby renovation, a new open air common area patio, extension system upgrades, among other improvement. The asset is 77 percent occupied and features unique private patios/terraces, large floor plates, and abundant subterranean parking.
“With the creative office transformation now complete, 1640 Sepulveda is one of the Westside’s most coveted mid-rise creative office properties that has attracted prominent entertainment, tech, and media related companies seeking a premier office environment,” said Shannon.
“West Los Angeles is one of the most highly desired office investment markets in the nation, and given the highly monopolistic profile of the submarket’s ownership, opportunities to acquire premier assets like 1640 Sepulveda are extremely rare,” added Hannan.
1640 Sepulveda is located near numerous amenities and is one block from the on/off ramps to the 405 freeway. The property is a short commute to downtown Los Angeles and Santa Monica.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.